Dodge & Cox Portfolio holdings
Dodge & Cox, founded in 1930 by Van Duyn Dodge and E. Morris Cox in San Francisco, California, is an independent, employee-owned investment management firm renowned for its disciplined, value-oriented approach to long-term investing. Managing over $350 billion in assets as of late 2024, the firm offers a concise lineup of mutual funds and separate accounts focusing on U.S. and international equities, fixed income, and balanced portfolios, serving individual and institutional investors with a low-turnover, research-driven strategy. Known for its team-based decision-making and contrarian stance—buying undervalued securities others overlook—Dodge & Cox has maintained a consistent philosophy through decades, avoiding trend-chasing and emphasizing fundamentals, even during market volatility like the 2008 crisis. With a tight-knit team of about 300 employees and no proprietary trading, the firm’s commitment to simplicity, low fees, and client alignment has earned it a loyal following and a reputation as a steadfast player in asset management.
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
GE HealthCare
GEHC
|
+$1.13B |
| 2 |
Dominion Energy
D
|
+$868M |
| 3 |
Alphabet (Google) Class A
GOOGL
|
+$324M |
| 4 |
Amazon
AMZN
|
+$319M |
| 5 |
Medtronic
MDT
|
+$252M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
GE Aerospace
GE
|
+$1.09B |
| 2 |
Meta Platforms (Facebook)
META
|
+$754M |
| 3 |
American Express
AXP
|
+$623M |
| 4 |
PayPal
PYPL
|
+$575M |
| 5 |
Baidu
BIDU
|
+$452M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 19.93% |
| 2 | Healthcare | 19.3% |
| 3 | Technology | 17.15% |
| 4 | Communication Services | 13.11% |
| 5 | Industrials | 10.48% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
176
PepsiCo
PEP
$191B
| $561K | ﹤0.01% |
3,075
-500
| -14% | -$87.4K |
|
177
Ameriprise Financial
AMP
$49.1B
| $560K | ﹤0.01% |
1,827
| – | – |
|
178
Moody's
MCO
$88.2B
| $521K | ﹤0.01% |
1,702
| – | – |
|
179
Elevance Health
ELV
$86.6B
| $506K | ﹤0.01% |
1,100
| – | – |
|
180
Blackrock
BLK
$181B
| $502K | ﹤0.01% |
750
| – | – |
|
|
JOYY
181
JOYY Inc
JOYY
$3.66B
| $499K | ﹤0.01% |
+16,008
| New | +$539K |
|
182
Corcept Therapeutics
CORT
$12.6B
| $466K | ﹤0.01% |
+21,528
| New | +$472K |
|
183
NetApp
NTAP
$37.4B
| $402K | ﹤0.01% |
6,300
-200
| -3% | -$12.9K |
|
184
GeoPark
GPRK
$639M
| $370K | ﹤0.01% |
32,614
+10,114
| +45% | +$134K |
|
185
Lockheed Martin
LMT
$131B
| $366K | ﹤0.01% |
775
| – | – |
|
186
W.W. Grainger
GWW
$62.2B
| $344K | ﹤0.01% |
+500
| New | +$319K |
|
187
PPG Industries
PPG
$25.2B
| $294K | ﹤0.01% |
2,200
| – | – |
|
188
United Parcel Service
UPS
$89.9B
| $291K | ﹤0.01% |
+1,500
| New | +$275K |
|
189
Allstate
ALL
$65.1B
| $290K | ﹤0.01% |
2,618
| – | – |
|
190
Zoetis
ZTS
$31B
| $283K | ﹤0.01% |
1,700
-250
| -13% | -$41K |
|
191
Rio Tinto
RIO
$170B
| $274K | ﹤0.01% |
4,000
-1,200
| -23% | -$87.1K |
|
192
Afya
AFYA
$1.27B
| $274K | ﹤0.01% |
+24,533
| New | +$322K |
|
193
Visa
V
$709B
| $271K | ﹤0.01% |
1,200
-550
| -31% | -$122K |
|
194
Phillips 66
PSX
$95.7B
| $264K | ﹤0.01% |
2,600
| – | – |
|
195
Becton Dickinson
BDX
$51.2B
| $243K | ﹤0.01% |
980
-1,300
| -57% | -$318K |
|
196
Cintas
CTAS
$81.7B
| $231K | ﹤0.01% |
2,000
| – | – |
|
|
NOAH
197
Noah Holdings
NOAH
$582M
| $222K | ﹤0.01% |
13,400
+2,200
| +20% | +$40.8K |
|
198
Verizon
VZ
$205B
| $214K | ﹤0.01% |
5,500
| – | – |
|
199
Nike
NKE
$57B
| $208K | ﹤0.01% |
+1,700
| New | +$209K |
|
200
Petrobras
PBR
$118B
| $163K | ﹤0.01% |
15,600
+1,500
| +11% | +$16.3K |
|
Similar funds
Dodge & Cox's Q1 2023 Portfolio in Review
As of Q1 2023, Dodge & Cox held 205 positions worth $147B, up 0.64% from $146B the previous quarter. Its ten largest holdings account for 29% of the portfolio.
Dodge & Cox's Q1 2023 filing shows 17 new, 44 increased, 108 reduced and 2 closed positions. Its largest new stake was GE HealthCare: 15,810,644 shares worth $1.3B. The largest sale was GE Aerospace, an estimated $1.09B.
By sector, the portfolio is most concentrated in Financials at 20% of assets, down from 23% a quarter earlier, followed by Healthcare and Technology.
- Dodge & Cox's largest Q1 2023 buy was GE HealthCare: 15,810,644 shares worth $1.3B.
- Dodge & Cox added most to Alphabet (Google) Class A in Q1 2023, an estimated $324M increase.
- Dodge & Cox's biggest Q1 2023 reduction was GE Aerospace, cutting an estimated $1.09B.
- Dodge & Cox fully exited Micro Focus International plc. American Depositary Shares, each representing One Ordinary Share in Q1 2023, selling an estimated $211M.
- Dodge & Cox's ten largest holdings make up 29% of its $147B portfolio in Q1 2023.
- Dodge & Cox opened 17 new positions and closed 2 in Q1 2023.
- Dodge & Cox's portfolio value rose 0.64% quarter-over-quarter to $147B.
Based on Dodge & Cox's 13F filing for Q1 2023, filed 12 May 2023.